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Core Viewpoint - Wall Street's top forecasters warn that tariffs may trigger an economic recession, yet the stock market appears largely unaffected by these warnings [1][2]. Economic Predictions - Goldman Sachs estimates a 45% chance of recession within the next 12 months, while Apollo Global Management's chief economist places it at 90% [2]. - The S&P 500 index recently completed its longest nine-day rally since 2004, rising approximately 10% and recovering from a significant drop following President Trump's tariff announcement [2]. - Year-to-date, the S&P 500 index is down only 3.1%, indicating limited investor concern about future economic conditions [2]. Consumer Behavior and Economic Indicators - Despite ongoing uncertainties, consumer confidence has not significantly changed, although potential risks remain [4]. - Economists suggest that even low tariff levels could have a cascading effect on the U.S. economy, impacting consumer spending, business investment, and employment [4]. - A recent report indicated that inflation-adjusted household spending surged by 0.7% in March, exceeding expectations, possibly driven by pre-tariff purchasing behavior [4]. - Visa reported no signs of overall weakness in credit card spending as of April 21 [4]. Market Sentiment and Interest Rates - Raymond James' chief investment officer emphasizes the importance of monitoring credit card data as a potential warning signal for economic conditions [5]. - Goldman Sachs economists believe the impact of tariffs may take two to three months to reflect in inflation data, predicting a slowdown in consumer spending soon [5]. - Vanguard has lowered its U.S. economic growth forecast for the year to below 1%, citing tariffs and policy uncertainties, and expects inflation to reach 4% by year-end [5]. Stock Market Dynamics - While overall stock performance is strong, there are underlying concerns, with a few large tech companies driving the rebound [6]. - Defensive sectors like consumer staples and utilities are performing well, while economically sensitive sectors such as energy and discretionary spending lag behind [6]. - Interest rate futures traders are now confident that the Federal Reserve will cut rates at least three times this year, with a 63% chance of recession predicted by market bettors, up from 40% in March [6]. - The excess CAPE yield, a measure of risk compensation for holding stocks over bonds, was only 1.8% at the end of April, about half of its 50-year average [6].

Core Insights - Apollo Global Management Inc. reported a revenue of $978 million for the quarter ended March 2025, reflecting a 16.6% increase year-over-year and surpassing the Zacks Consensus Estimate of $961.36 million by 1.73% [1] - The company's EPS for the quarter was $1.82, slightly lower than the consensus estimate of $1.85, resulting in an EPS surprise of -1.62% [1] Financial Performance Metrics - Total Assets Under Management reached $785 billion, exceeding the average estimate of $778.74 billion from three analysts [4] - Fee-related earnings from management fees amounted to $770 million, surpassing the average estimate of $757.41 million based on six analysts [4] - Capital solutions fees and other net income were reported at $154 million, above the estimated $148.44 million [4] - Alternative net investment income in Retirement Services was $315 million, exceeding the average estimate of $298.04 million [4] - Realized investment income in Principal Investing was $28 million, higher than the estimated $23.02 million [4] - Realized performance fees in Principal Investing were $190 million, below the average estimate of $265.64 million [4] - Fixed income and other net investment income in Retirement Services was $2.91 billion, slightly below the estimate of $2.94 billion [4] - Strategic capital management fees in Retirement Services were $29 million, slightly above the average estimate of $28.22 million [4] - Principal Investing Income was reported at $14 million, significantly lower than the estimated $76.89 million [4] - Spread Related Earnings in Retirement Services totaled $804 million, below the average estimate of $821.74 million [4] - Overall Fee Related Earnings in Asset Management were $559 million, slightly above the average estimate of $553.30 million [4] Stock Performance - Apollo Global Management's shares have returned +11.7% over the past month, contrasting with the Zacks S&P 500 composite's -0.5% change [3] - The stock currently holds a Zacks Rank 5 (Strong Sell), indicating potential underperformance relative to the broader market in the near term [3]

Apollo Global Management, Inc. Reports First Quarter 2025 Results May 2, 2025 Apollo Global Management, Inc. has also declared and set aside for payment a cash dividend of $0.8438 per share of its Mandatory Convertible Preferred Stock, which will be paid on July 31, 2025 to holders of record at the close of business on July 15, 2025. The declaration and payment of dividends on the Common Stock and the Mandatory Convertible Preferred Stock are at the sole discretion of Apollo Global Management, Inc.'s board ...

Financial Data and Key Metrics Changes - The company generated record fee-related earnings (FRE) of $559 million, representing a 21% increase year over year [6][44] - Spread-related earnings (SRE) excluding notable items were $826 million, with adjusted net income of $1.1 billion or $1.82 per share [5][45] - Assets under management (AUM) increased by 17% year over year to $785 billion, with record inflows of $43 billion in the quarter [6][34] Business Line Data and Key Metrics Changes - The credit business showed strong performance with origination of $56 billion, a nearly 30% growth year over year [31] - Private equity fund performance was highlighted, with Fund 10 achieving a net IRR of 19%, significantly outperforming industry peers [15] - In retirement services, the company raised $26 billion in the first quarter, driven by strong demand for guaranteed income products [18][38] Market Data and Key Metrics Changes - The company noted a tightening of BBB corporate spreads below 100 basis points, a level not seen since 1998 [12] - The equity market saw significant concentration, with 10 stocks in the S&P 500 accounting for 40% of the index [11] - The company experienced increased competition in retail sales of fixed annuities, despite tighter spreads [17] Company Strategy and Development Direction - The company emphasized a focus on origination as a source of excess return, willing to reduce leverage and wait for favorable market conditions [8][10] - The strategy includes a pivot towards private assets, with expectations of increased demand from traditional asset managers [22][24] - The company is actively pursuing partnerships with traditional asset managers to integrate private assets into their offerings [88][90] Management's Comments on Operating Environment and Future Outlook - Management described the current market as volatile but expressed confidence in the company's positioning and ability to navigate challenges [27][41] - The outlook for the company remains positive, with expectations of continued strong performance in capital formation and asset origination [34][40] - Management acknowledged potential headwinds from competitive pressures and interest rate changes but remains focused on long-term growth [47][60] Other Important Information - The company announced the acquisition of Bridge Investment Group for approximately $1.5 billion, expected to enhance its real estate capabilities [49] - The company has $64 billion of dry powder available for investment, positioning it well for future opportunities [14] Q&A Session Summary Question: Can you break down the lower SRE and the conditions that could make you less conservative? - Management explained that they underwrite based on spread and ROE, with a focus on maintaining a mid-teens ROE. They are currently prioritizing cash and lower-risk assets to prepare for wider spreads in the future [55][61] Question: How are flows in the AAA channel and the durability of April flows? - Management reported strong momentum in the wealth channel, with AAA flows remaining stable and a positive outlook for the rest of the year [67][68] Question: What is the outlook for institutional demand amid market volatility? - Management expressed optimism about institutional demand, noting that they have historically under-earned their fair share and see significant opportunities for growth [72][78] Question: How does the company view the potential backlash from foreign LPs reducing allocations to U.S. markets? - Management acknowledged the risk but emphasized that the U.S. capital markets remain essential for global funding needs, suggesting that Apollo is well-positioned to navigate these dynamics [102][104]

Financial Data and Key Metrics Changes - The company generated record fee-related earnings (FRE) of $559 million, representing a 21% increase year over year [6][7] - Spread-related earnings (SRE) excluding notable items were $826 million, with adjusted net income at $1.1 billion or $1.82 per share [6][7] - Assets Under Management (AUM) increased by 17% year over year to $785 billion, with record inflows of $43 billion in the quarter [7][34] Business Line Data and Key Metrics Changes - The asset management segment saw FRE growth driven by an 18% increase in management fees, particularly strong in credit, which grew by 23% [44] - Origination activity reached $56 billion, a nearly 30% growth year over year, with significant contributions from diversified channels [31][34] - Athene's net invested assets grew by 15% year over year, driven by record organic inflows across various channels [46][38] Market Data and Key Metrics Changes - The company noted a tightening of BBB corporate spreads below 100 basis points, a level not seen since 1998, indicating a highly competitive market environment [12][13] - The retail channel for fixed annuities experienced increased competition, with tighter spreads leading to a strategic focus on less competitive channels [18][19] - The company raised $26 billion in the first quarter and an additional $10 billion in April, investing in safer assets like cash and treasuries [19][20] Company Strategy and Development Direction - The company emphasizes a focus on origination as a source of excess return, with a willingness to reduce leverage and wait for favorable market conditions [9][11] - The strategy includes leveraging partnerships with traditional asset managers to integrate private assets into their offerings, anticipating a significant demand for private investments [86][90] - The company is positioned to capitalize on market volatility, with a strong pipeline of proprietary origination and a focus on maintaining a balance between capital growth and origination capacity [78][88] Management's Comments on Operating Environment and Future Outlook - Management described the current market as one of "hyper U.S. exceptionalism," with significant global capital flowing into U.S. markets [11][12] - The outlook includes expectations for continued strong demand for guaranteed income products due to an aging population and higher interest rates [17][20] - Management remains cautious about the competitive landscape and potential headwinds from rising costs and market volatility, but is optimistic about the company's positioning and origination capabilities [21][48] Other Important Information - The company announced the acquisition of Bridge Investment Group for approximately $1.5 billion, expected to enhance its real estate business [49] - The company is focused on maintaining a disciplined approach to capital allocation, returning $1.7 billion to shareholders over the past year through dividends and share repurchases [49] Q&A Session Summary Question: Can you break down the lower SRE and the conditions that could make you less conservative? - Management explained that they underwrite based on spread and ROE, with a focus on maintaining a mid-teens ROE. They are cautious due to competitive pressures and rising costs, but see potential for wider spreads in the future [55][61] Question: How are flows in the wealth channel, particularly AAA? - Management reported strong momentum in the wealth channel, with significant growth in inflows and a positive outlook for the remainder of the year [67][70] Question: What is the outlook for institutional demand amidst market volatility? - Management expressed optimism about institutional demand, noting that they have historically under-earned their fair share and see opportunities for growth in this area [73][78] Question: How does the company view the impact of foreign LPs reducing allocations to private markets? - Management acknowledged the potential risk but emphasized that the company's diversified business mix provides insulation against such dynamics [101][102]

[Financial and Business Highlights](index=2&type=section&id=Financial%20and%20Business%20Highlights) [First Quarter 2025 Financial Highlights](index=2&type=section&id=First%20Quarter%202025%20Financial%20Highlights) Apollo reported **strong** first-quarter **2025** results with **GAAP Net Income** of **\$418 million** (**\$0.68 per share**) and **Adjusted Net Income** (**ANI**) of **\$1.1 billion** (**\$1.82 per share**), driven by **robust Fee Related Earnings** (**FRE**) of **\$559 million** and **Spread Related Earnings** (**SRE**) of **\$804 million**, with **Total Assets Under Management** (**AUM**) reaching **\$785 billion** fueled by **significant inflows** of **\$43 billion** for the quarter Q1 2025 Key Financial Metrics | Metric | 1Q'25 (in millions) | Per Share (in dollars) | LTM 1Q'25 (in millions) | Per Share (in dollars) | | :--- | :--- | :--- | :--- | :--- | | **GAAP Net Income** | \$418 million | \$0.68 | - | - | | **Fee Related Earnings (FRE)** | \$559 million | \$0.91 | \$2,160 million | \$3.52 | | **Spread Related Earnings (SRE)** | \$804 million | \$1.31 | \$3,211 million | \$5.23 | | **Adjusted Net Income (ANI)** | \$1,119 million | \$1.82 | \$4,620 million | \$7.53 | Q1 2025 Key Business Drivers | Driver | 1Q'25 (in billions) | LTM 1Q'25 (in billions) | | :--- | :--- | :--- | | **Total AUM** | \$785 billion | - | | **Fee-Generating AUM** | \$595 billion | - | | **Inflows** | \$43 billion | \$157 billion | | **Origination** | \$56 billion | \$235 billion | [First Quarter 2025 Business Highlights](index=4&type=section&id=First%20Quarter%202025%20Business%20Highlights) The company achieved **record Fee Related Earnings** (**FRE**) and **strong Spread Related Earnings** (**SRE**), **totaling \$1.4 billion combined** for the quarter, with **AUM grew 17% year-over-year**, driven by **\$157 billion** in **inflows** over the last twelve months, and **Apollo demonstrated robust capital allocation**, **repurchasing \$722 million** of **common stock** and announcing the pending **acquisition** of Bridge Investment Group - **Total AUM** reached **\$785 billion**, a **17% year-over-year increase**, driven by **inflows** of **\$43 billion** in **Q1** and **\$157 billion** over the last twelve months[10](index=10&type=chunk) - Achieved **record FRE** of **\$559 million** and **SRE** of **\$804 million**, showcasing the **strength** of **combined earnings streams**[10](index=10&type=chunk) - Global Wealth saw **record quarterly inflows** of nearly **\$5 billion**, driven by new product launches and **strategic partnerships**[10](index=10&type=chunk) - Returned **significant capital** to **shareholders**, **repurchasing \$722 million** of **common stock** in **Q1** and distributing over **\$1 billion** in **dividends** over the last twelve months[10](index=10&type=chunk) - Announced the pending **acquisition** of Bridge Investment Group for approximately **\$1.5 billion**, funded by **strategic capital**[10](index=10&type=chunk) [Total Segment Earnings](index=5&type=section&id=Total%20Segment%20Earnings) **Total segment earnings** for **Q1 2025** were **strong**, with **Fee** and **Spread Related Earnings** reaching **\$1.36 billion**, as **Fee Related Earnings** (**FRE**) **grew** to **\$559 million** from **\$462 million** in **Q1 2024**, while **Spread Related Earnings** (**SRE**) were **\$804 million**, slightly **down from \$817 million** in the prior year quarter, and **Adjusted Net Income** (**ANI**) for the quarter was **\$1.12 billion**, or **\$1.82 per share** Segment Earnings Summary (in millions) | Metric | 1Q'24 (in millions) | 4Q'24 (in millions) | 1Q'25 (in millions) | LTM 1Q'25 (in millions) | | :--- | :--- | :--- | :--- | :--- | | **Fee Related Earnings (FRE)** | \$462 | \$554 | \$559 | \$2,160 | | **Spread Related Earnings (SRE)** | \$817 | \$841 | \$804 | \$3,211 | | **Principal Investing Income (PII)** | \$21 | \$139 | \$14 | \$264 | | **Adjusted Net Income (ANI)** | \$1,064 | \$1,360 | \$1,119 | \$4,620 | - Excluding notable items, **Spread Related Earnings** were **\$826 million** in **Q1 2025**, and **Adjusted Net Income** was **\$1.14 billion**, or **\$1.85 per share**[12](index=12&type=chunk) [Segment Details](index=7&type=section&id=Segment%20Details) [Asset Management Segment](index=8&type=section&id=Asset%20Management%20Segment) The **Asset Management segment** delivered a **record FRE** of **\$559 million**, up **21% year-over-year**, with an **FRE margin** of **57.2%**, driven by an **18% increase** in **management fees**, primarily from **Retirement Services clients** and third-party **inflows**, as **Total AUM grew 17% YoY** to **\$785 billion**, supported by **\$43 billion** of **inflows** in the quarter, with **perpetual capital** now comprising **60%** of **total AUM** [Segment Performance](index=8&type=section&id=Segment%20Performance) Asset Management Performance (in millions) | Metric | 1Q'24 (in millions) | 1Q'25 (in millions) | % Change | | :--- | :--- | :--- | :--- | | **Total management fees** | \$652 | \$770 | **18.1%** | | **Fee Related Revenues** | \$839 | \$978 | **16.6%** | | **Fee Related Earnings (FRE)** | \$462 | \$559 | **21.0%** | | **FRE Margin** | **55.1%** | **57.2%** | **+210 bps** | - **Management fees increased 18% YoY**, driven by **record growth** from **Retirement Services clients** and **strong** third-party **inflows**[16](index=16&type=chunk) - **Fee-related expenses grew a disciplined 11% YoY**, leading to approximately **200 basis points** of **margin expansion**[16](index=16&type=chunk) [Assets Under Management (AUM)](index=9&type=section&id=Assets%20Under%20Management%20%28AUM%29) AUM Growth (in billions) | AUM Type | 1Q'24 (in billions) | 1Q'25 (in billions) | % Change | | :--- | :--- | :--- | :--- | | **Total AUM** | \$671 billion | \$785 billion | **17%** | | **Fee-Generating AUM** | \$506 billion | \$595 billion | **18%** | | **Perpetual Capital AUM** | \$445 billion | \$470 billion | **6%** | - **Total AUM increased** by **\$114 billion YoY**, driven by **\$80 billion** of **inflows** from **Asset Management** and **\$77 billion** from **Retirement Services**[20](index=20&type=chunk) - **Perpetual capital** represents **60%** of **total AUM** and **75%** of **total Fee-Generating AUM**, providing a highly **scalable and stable capital base**[20](index=20&type=chunk) [Inflows](index=10&type=section&id=Inflows) - Achieved **record gross organic inflows** of **\$43 billion** in **Q1** and **\$157 billion** over the last twelve months[23](index=23&type=chunk) - **Asset Management inflows** of **\$18 billion** in **Q1** were driven by credit-focused strategies (ADS, TRF, ADCF) and equity-focused strategies (S3, AAA, HVF III)[23](index=23&type=chunk) - **Retirement Services** (**Athene**) contributed **record quarterly organic inflows** of **\$26 billion**, driven by **record funding agreement issuance** and **flow reinsurance**[23](index=23&type=chunk) [Retirement Services Segment](index=11&type=section&id=Retirement%20Services%20Segment) The **Retirement Services segment** generated **Spread Related Earnings** (**SRE**) of **\$804 million** in **Q1 2025**, with **SRE** excluding notable items at **\$826 million**, and the **Net Spread** was **1.26%** for the quarter, impacted by lower rates on floating assets and conservative positioning of new business, while the segment's **portfolio** remains **high-quality**, with **97%** of fixed income assets rated **investment grade**, and **Athene's gross organic inflows** were a **record \$26 billion** for the quarter, demonstrating a **strong growth profile** [Segment Performance](index=11&type=section&id=Segment%20Performance) Retirement Services Performance (in millions) | Metric | 1Q'24 (in millions) | 1Q'25 (in millions) | % Change | | :--- | :--- | :--- | :--- | | **Net Investment Spread** | \$1,022 | \$1,048 | **2.5%** | | **Spread Related Earnings (SRE)** | \$817 | \$804 | **(1.6)%** | | **SRE, Excluding Notable Items** | \$817 | \$826 | **1.1%** | - **SRE**, excluding notable items, **increased** slightly over the last twelve months as **record organic growth** was mostly offset by a lower **net spread**[25](index=25&type=chunk) - **Athene's alternative investment portfolio** returned **10.1%** in **Q1**, slightly below the long-term expectation of **11%**[25](index=25&type=chunk) [Return on Asset and Portfolio Highlights](index=12&type=section&id=Return%20on%20Asset%20and%20Portfolio%20Highlights) Return on Asset View | Metric (% of avg. net invested assets) | 1Q'24 | 1Q'25 | Change (in bps) | | :--- | :--- | :--- | :--- | | **Net Investment Earnings** | **4.89%** | **5.06%** | **+17 bps** | | **Cost of funds** | **(3.10)%** | **(3.46)%** | **+36 bps** | | **Net Spread** | **1.47%** | **1.26%** | **(21) bps** | - The sequential decrease in the **fixed income earned rate** was driven by lower **floating rates**, **conservative investment** of new business, and **asset prepayments**[27](index=27&type=chunk) - The **portfolio** is **well-positioned** with **97%** of fixed income assets in **investment grade** and a focus on directly originated, **senior secured loans**[30](index=30&type=chunk) [Growth Profile](index=14&type=section&id=Growth%20Profile) - **Athene achieved record quarterly gross organic inflows** of **\$26 billion** in **Q1 2025**[31](index=31&type=chunk)[35](index=35&type=chunk) - **Growth** was driven by **strong retail annuity sales**, **record flow reinsurance activity**, and **record funding agreement issuance**[31](index=31&type=chunk)[32](index=32&type=chunk) - There is a greater than **95% correlation** between **Spread Related Earnings** (**SRE**) and **Fee Related Earnings** (**FRE**), highlighting the **symbiotic relationship** between the segments[33](index=33&type=chunk)[34](index=34&type=chunk) [Principal Investing Segment](index=15&type=section&id=Principal%20Investing%20Segment) The **Principal Investing segment** reported **Principal Investing Income** (**PII**) of **\$14 million** for **Q1 2025**, **down from \$21 million** in **Q1 2024**, with **Realized performance fees** at **\$190 million**, described as '**cyclically light**' due to a **challenging exit environment** that has **prudently delayed monetization activity**, while **Performance Fee-Eligible AUM grew 12% year-over-year** to **\$235 billion**, and **Dry Powder** stood at **\$64 billion** [Segment Performance](index=15&type=section&id=Segment%20Performance) Principal Investing Performance (in millions) | Metric | 1Q'24 (in millions) | 1Q'25 (in millions) | % Change | | :--- | :--- | :--- | :--- | | **Realized performance fees** | \$94 | \$190 | **102.1%** | | **Principal Investing Income (PII)** | \$21 | \$14 | **(33.3)%** | - **Realized performance fees** of **\$190 million** were considered **cyclically light** as **monetization** from **flagship funds** was **prudently delayed** amid a **challenging exit environment**[39](index=39&type=chunk) [Performance Fee AUM and Dry Powder](index=16&type=section&id=Performance%20Fee%20AUM%20and%20Dry%20Powder) - **Performance Fee-Eligible AUM increased 12% year-over-year** to **\$235 billion**, driven by **growth** in **credit strategies**[41](index=41&type=chunk)[42](index=42&type=chunk) - **Performance Fee-Generating AUM grew 18% year-over-year** to **\$163 billion** as funds moved into carry[41](index=41&type=chunk)[42](index=42&type=chunk) - **Dry Powder** available for investment was **\$64 billion** at quarter-end, with approximately **75%** in **Credit strategies**[41](index=41&type=chunk)[42](index=42&type=chunk) [Investment Performance](index=17&type=section&id=Investment%20Performance) LTM Investment Performance Highlights | Strategy | LTM 1Q'25 Appreciation (%) | | :--- | :--- | | **Direct Origination** | **11.8%** | | **Opportunistic Credit** | **9.1%** | | **Flagship Private Equity** | **6.6%** | | **Hybrid Value** | **19.3%** | - The **Net Accrued Performance Fee Receivable decreased** from **\$1.68 billion** in **Q4'24** to **\$1.59 billion** in **Q1'25**[44](index=44&type=chunk) [Capital Strength](index=18&type=section&id=Capital%20Strength) **Apollo maintains a strong capital position** with **high-grade financial strength ratings** across its entities (A2/A/A for **Apollo Global Management** and A1/A+/A+ for **Athene**), and the company **actively managed** its capital, **deploying \$722 million** for **share repurchases** in **Q1** and **returning a total** of **\$1.7 billion** to **stockholders** over the last twelve months through **dividends** and **opportunistic buybacks**, with **Net Balance Sheet Value per share** standing at **\$4.51** Financial Strength Ratings | Entity | Moody's | S&P | Fitch | AM Best | | :--- | :--- | :--- | :--- | :--- | | **Apollo Global Management** | A2 | A | A | - | | **Apollo Asset Management** | A2 | A | A | - | | **Athene** | A1 | A+ | A+ | A+ | - **Deployed \$722 million** for **share repurchases** in **Q1**, including **\$131 million** for **opportunistic repurchases**[48](index=48&type=chunk) - **Returned a total** of **\$1.7 billion** to **stockholders** over the last twelve months via **dividends** and **opportunistic share repurchases**[48](index=48&type=chunk) - Announced the **acquisition** of Bridge Investment Group in an all-stock transaction for approximately **\$1.5 billion**, expected to close in **3Q25**[48](index=48&type=chunk) [Supplemental Details and Reconciliations](index=19&type=section&id=Supplemental%20Details%20and%20Reconciliations) [AUM Rollforward](index=20&type=section&id=AUM%20Rollforward) **Total AUM increased** from **\$751.0 billion** at the beginning of **Q1 2025** to **\$785.2 billion** at the end, a **net increase** of **\$34.2 billion**, with **growth** driven by **\$46.7 billion** in **inflows**, offset by **\$20.3 billion** in **outflows** and **\$3.5 billion** in **realizations**, with a positive **market activity impact** of **\$11.1 billion**, and **Fee-Generating AUM** saw a **net increase** of **\$26.5 billion** during the quarter to reach **\$595.2 billion** Q1 2025 Total AUM Rollforward (in millions) | Component | Credit (in millions) | Equity (in millions) | Total (in millions) | | :--- | :--- | :--- | :--- | | **Beginning Balance** | \$616,387 | \$134,650 | \$751,037 | | **Inflows** | \$37,577 | \$9,122 | \$46,699 | | **Outflows** | (\$19,941) | (\$315) | (\$20,256) | | **Realizations** | (\$1,350) | (\$2,100) | (\$3,450) | | **Market Activity** | \$8,672 | \$2,456 | \$11,128 | | **Ending Balance** | \$641,345 | \$143,813 | \$785,158 | [Retirement Services Flows & Invested Assets](index=21&type=section&id=Retirement%20Services%20Flows%20%26%20Invested%20Assets) In **Q1 2025**, **Athene generated total gross inflows** of **\$25.6 billion**, with **net flows** of **\$17.2 billion** after accounting for **outflows**, and the **inflows** were **primarily driven** by **funding agreements** (**\$11.1 billion**) and **retail** (**\$9.5 billion**), while **Third-party capital** from ADIP and other reinsurers **supported 21%** of the new business volume, and **Core outflows** as an **annualized rate** of average net invested assets were **11.0%** Q1 2025 Athene Flows by Channel (in millions) | Channel | Gross Inflows (in millions) | | :--- | :--- | | **Retail** | \$9,482 | | **Flow reinsurance** | \$4,933 | | **Funding agreements** | \$11,144 | | **Pension group annuities** | \$4 | | **Total Gross Organic Inflows** | \$25,563 | - **Third-party capital supported 21%** of **Athene's record organic new business volume** in the first quarter[51](index=51&type=chunk) [Sharecount Reconciliation](index=22&type=section&id=Sharecount%20Reconciliation) As of **Q1 2025**, the **Adjusted Net Income Shares Outstanding** stood at **613.8 million**, and during the quarter, the company **repurchased 4.6 million shares** for **\$721.5 million** at an **average cost** of **\$157.58 per share**, with **\$1.05 billion remaining** under the **share repurchase plan authorization** following these **repurchases** Q1 2025 Share Activity | Activity | Amount (in millions) | | :--- | :--- | | **Shares Issued to Employees** | 4,293,251 | | **Shares Repurchased** | 4,578,770 | | **Capital Utilized for Repurchases** | \$721.5 million | | **Average Repurchase Cost** | \$157.58 | | **Repurchase Authorization Remaining** | \$1.05 billion | - **Adjusted Net Income Shares Outstanding**, the **primary non-GAAP measure**, was **613.8 million** at the end of **Q1 2025**[52](index=52&type=chunk)

Core Insights - Apollo Global Management reported strong first quarter results for the period ending March 31, 2025, showcasing its ability to adapt to changing market conditions [2] - The company achieved record organic inflows and solid investment performance across all major strategies in its Asset Management segment [2] - Apollo declared a cash dividend of $0.51 per share for its Common Stock and $0.8438 per share for its Mandatory Convertible Preferred Stock, reflecting its commitment to returning value to shareholders [3][4] Financial Performance - As of March 31, 2025, Apollo managed approximately $785 billion in assets [8] - The company emphasized its robust origination capabilities and significant dry powder, positioning itself to capitalize on market volatility [2] Dividend Information - The cash dividend for Common Stock will be paid on May 30, 2025, to shareholders of record as of May 16, 2025 [3] - The cash dividend for Mandatory Convertible Preferred Stock will be paid on July 31, 2025, to shareholders of record as of July 15, 2025 [4] Company Overview - Apollo is a global alternative asset manager focused on providing clients with excess returns across various investment strategies [8] - The company has a long-standing approach to retirement services, helping clients achieve financial security through a suite of retirement savings products [8]

Core Insights - Doral Renewables LLC has successfully closed a $100 million corporate Letter of Credit facility to support new interconnection and power purchase agreement obligations during project development [1][2] - This new facility adds to Doral's existing corporate Letter of Credit capacity of $185 million, indicating strong financial backing for its renewable energy projects [1][2] - HSBC acted as the Sole Arranger and Issuing Bank for this facility, reflecting a deepening relationship and confidence in Doral's execution capabilities in the renewable energy sector [2] Company Overview - Doral Renewables is a Philadelphia-based developer, owner, and operator of renewable energy assets, with a solar and storage development portfolio exceeding 16 GW, including 400 MW currently operational and 950 MW under construction [3] - The company operates in 20 states across seven electricity markets and has secured over $2.5 billion in long-term wholesale power purchase agreements with U.S. customers [3] - Doral emphasizes community engagement and aims to integrate agrivoltaics practices throughout its project pipeline, creating additional opportunities for farming communities [3] HSBC Overview - HSBC USA Inc. serves as a holding company for its subsidiaries, offering a full range of traditional banking products and services to various clients, including individuals, small businesses, and corporations [4] - HSBC Holdings plc, headquartered in London, is one of the world's largest banking and financial services organizations, with assets totaling approximately $3,017 billion as of December 31, 2024 [5]